5% for the year ending December 31, 2018, which reflects the newly enacted federal tax rate of 21%, projected 2018 nontaxable income, the estimated benefit of deductions for equity-based compensation and the Company's historic effective state and local income tax rates.

Says Steele, "You can reduce your taxes by converting taxable income into nontaxable income by investing in tax-free vehicles such as municipal bonds" (see "Tax-free Investing," Moneywise, this issue).

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